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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2012
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Stock-Based Compensation

GAAP requires that all stock-based compensation be recognized as an expense in the financial statements and that such costs be measured at the fair value of the award.

No options were granted during the first six months of 2011. On March 1, 2012, the Company granted options covering 30,000 shares to a consultant. These options vest ratably over the next 24 months and are marked to market quarterly using the Black Scholes method. During the six and three months ended June 30, 2012, $8,891 and $6,334 were respectively charged to operations reflecting the fair value of the options using the Black Scholes method with the following assumptions:

  Risk free interest rate 1.1%
Option Life 5 years
Volatility 73%
 

During the first six months ended June 30, 2012, the Company granted 363,200 shares of common stock to its directors and employees. All of the 96,500 granted to the directors, as well as 5,100 shares granted to employees, vested immediately upon grant. The remaining 261,600 shares issued to employees vest ratably over the 36 months following grant. The market value per share on the date of grant was $3.38. In connection with these grants, as well as prior grants that are not yet fully vested, the Company charged $608,634 and $531,507 to operations during the six months ended June 30, 2012 and 2011 and $132,610 and $94,153 during the three months ended June 30, 2012 and 2011.

The Company also granted 175,000 warrants at an exercise price of $6.00 to consultants during 2009. These warrants vest ratably over 59 months. These warrants are valued at fair value at the time that the related services are provided using the Black-Scholes method and marked to market quarterly using the Black Scholes method in connection with these warrants. The Company incurred a (benefit) charge of ($35,805), and $59,820 during the six months ended June 30, 2012 and 2011, respectively and ($21,105) and $22,196 during the three months ended June 30, 2012.

As of June 30, 2012, remaining unamortized compensation costs in connection with these grants and warrants was $1,155,895 which will be recognized over the next 30 month period.